- Fotowatio Renewable Ventures (FRV) has revealed that it has reached a simultaneous financial close for two of its battery energy storage system (BESS) projects in the UK.
- Of the two projects, only Contego is operational and has a capacity of 68 MWh using 28 Tesla Megapack batteries.
Fotowatio Renewable Ventures (FRV), the global clean energy developer, has revealed that it has reached a simultaneous financial close for two of its battery energy storage system (BESS) projects in the UK, securing GBP 61 million from Natixis CIB UK.
The amount, extended as project finance, represents more than 60% of the cost of the projects. FRV said it had closed two debt service reserve facilities, one for each project and a VAT facility as part of the financing package.
The funding now supports FRV’s 99 MW Clay Tye project in Essex and 34 MW Contego battery in West Sussex. Harmony Energy Storage, a UK project developer, is involved in both projects.
Of the two projects, only Contego is operational and has a capacity of 68 MWh using 28 Tesla Megapack batteries.
The Clay Tye system will be equipped with 52 Tesla Megapack lithium-ion batteries with a capacity of 198 MWh. The project, touted as one of the largest BESS facilities in the UK, is still under construction, according to an update on FRV’s website.
FRV, which is part of Saudi Arabia’s Abdul Latif Jameel Energy, has a pipeline of more than 5 GW of BESS projects under development in the UK, the firm says.